A Breakdown Of The Christmas Spending Rush

Christmas is still over a month away, yet we’ve already seen countless Christmas adverts, numerous catalogues being released in retail shops and plenty of promotions emerging online. Whether you’re a lover of Christmas or not, it’s impossible to deny that Christmas shopping is one of the most stressful times of the year. An instant loan can help you out in a financial emergency but you really want to avoid barrelling through your budget in December to ensure that you have enough left over to buy those all too important Christmas essentials. Whilst there is a minority of people who like to complete their Christmas shopping early (like, July early…), and while we’ve already taken a look at the Christmas Spending Habits across the UK, we thought we’d look in closer detail about those who leave it to the very last minute.

Statistics Associated With The Christmas Spending Rush

For some, the idea of leaving your Christmas shopping to the very last day is an absolute nightmare, but over one million people braved the task in 2011 and accumulatively spent £100 million on Christmas Eve. With many more online facilities available to the public, you might assume that people will instead organise themselves and sit down at home to complete their Christmas shopping. Of course, with a busy schedule, it can be difficult to head out to do Christmas shopping, but this still didn’t stop us Brits from rushing to get our Christmas shopping done. In fact, research states that, consumer spending grew 4% year on year last December so we still aren’t tackling our spending habits.

In addition, many people tend to believe that women will spend more on presents and general festive items on the lead up to Christmas, although statistics show that men don’t spend that much less in comparison, as in 2016, men only spent £62.88 on average less than women. So, with an overall last-minute spend of £1.5 billion last Christmas, there is clearly an explanation as to why people are deciding to buy presents very close to the big day itself.

Buyer Behaviour On Black Friday

Whilst queueing up for hours on end trying to hit the sales and shoving others out of the way to grab the very last product isn’t everyone’s cup to tea, millions of people participate within the mayhem of Black Friday – a staggering 101.7 million people to be exact. Whilst Black Friday hasn’t always been a popular British tradition, we have seen more and more people taking advantage of the bargain-filled day, with an increase of $87.1 billion being spent over the last 5 years. Plus, now we have the benefits of ordering all of our Christmas shopping online, we don’t always have to brace the sale-crazy public! Instead, a total of £810 million was spent on Black Friday sales online last year, which is a huge factor as to why Black Friday has become so popular over recent years.

Buyer Behaviour On Cyber Monday

Although Cyber Monday tends to be less popular than Black Friday, and only 49% shop on Cyber Monday in the US, other statistics show that actually, people enjoy hitting the sales equally on both days. In fact, Cyber Monday totals are following very closely behind those of Black Friday, with a huge total of £720 million being spent online on Cyber Monday last year. Since Cyber Monday is usually held just a month before Christmas Day, it provides the perfect opportunity to get all Christmas shopping done early at a reduced price, which is why 48% of shoppers around the world will do their Christmas shopping on Cyber Monday.

So, once again, we are seeing the impact that the internet is having on these big sales days. The website traffic for retailers increases by 155% on Cyber Monday, so it’s crystal clear to see that shoppers are taking advantage of these online platforms. Although, not all web platforms are reaching these audiences as well as they could. Only 1.5% of social media posts were responsible for Cyber Monday sales in 2015, which could be down to poor campaigning or the simple fact that people already expect sales to be present on Cyber Monday.

How Do People Make Purchases On Black Friday/Cyber Monday?

As we’ve already discovered, the rise of online shopping and sales is well underway, but how exactly are these digital purchases being carried out? We know that 17% were carried out in-store, but with so many digital platforms available, you can narrow down these online sales even further. Even though the use of the smartphone is on the increase, statistics show that a huge 50% of people are carrying out the Black Friday and Cyber Monday sales via desktop and laptop, possibly due to the easier website navigation. Tablet devices are being used by 12% of people, along with mobiles being used by 14%, and this particular statistic is only expected to rise in the future.

How Is Money Spent During Christmas Shopping?

Whilst the first thing that comes into people’s heads when Christmas shopping is mentioned is gifts, there is a lot more that people spend their money on as well, with 28% on food and drink, 4% on decorations and 10% on holiday travel. With so much money-spending to consider, it’s crucial that people are able to budget their finances appropriately, otherwise an emergency payday loan might be in the mix in the event of a financial emergency.

Another difference that has been established is the platform in which people decide to purchase specific items. Of course, some gifts are reasonably personal, and so need to be completely correct in order for the recipient to be pleased. Therefore, people tend to buy beauty products and apparel clothing in store as opposed to online, as this way Christmas buyers are able to gage a better understanding into how the product really feels and looks. With things like electronics and books though, every single product is indifferent, so these are usually bought via an online platform. Therefore, whilst online shopping proves very usual for all Christmas gift-buyers, it’s unlikely that it’ll ever completely dominate due to the lack of absolute reliability.

The Role Of The Internet In The Christmas Shopping Rush

Many people enjoy heading out when doing their Christmas shopping, usually because of the surrounding festivities and excitement involved. But, this isn’t the most practical option for many people, which is why the Internet has become such an important part in the Christmas shopping rush. Already, the word rush indicates that there isn’t much time left, and so purchasing your gifts online will be a much faster process than driving to the nearest shopping centre. December last year saw online sales soar 19% higher than those of last year, with a grand total of 25% of December purchases being made online, breaking actual records.

Christmas Shopping Based On Age/Gender

There are many stereotypes that float around about how men and women spend their money, specifically involving the Christmas shopping rush, but will these following statistics rectify those? Well, parents buying for children between the ages of 5 and 11 tend to allow the largest budget, with an average spend of £91 on each child, however even children under 5 usually get around £63 spent on them. In terms of siblings, brothers actually spend more on their sisters, which may surprise a lot of people. The same is reflected in spouses too, as male partners normally spend £15 more on their other half than the opposite way round.

In terms of gender stereotypes, this surprises a lot of people, as males are expected to be a lot less reliable and generous around the Christmas period. Having said that, in regards to the Christmas spending rush itself, stereotypes tend to be true. 17% more men than women will still be shopping for Christmas presents on Christmas Eve, as well as just 9% of men planning Christmas shopping before September compared to 15% of women.

So, as we can almost hear the Christmas carols and taste the mince pies already, you might be worried about how you’re going to properly budget for Christmas this year to prevent you from being swept into the Christmas rush madness. When you have an extended family, or very demanding children, you may need some additional income to help you out – but don’t worry! At Wizzcash, we are always here in times of a financial crisis. Just apply for one of our short term loans today for extra peace of mind this Christmas. After all, it only rolls around once a year, so enjoy it!